citibank giving 4% cash back on all purchases

Discussion in 'CitiBank Rewards Program' started by Guest, Oct 10, 2005.

  1. Guest

    Guest Guest

    the FOLLOWING month as long as you spend $6k+/mo... :?
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    CASH BACK VS QF POINTS

    $10k/month spend = $400/month cash back @ 4%
    $400 cash is much much better value than 10,000 QF points!

    Not a bad second card IMO
     
  2. oz_mark

    oz_mark Enthusiast

    Jun 30, 2002
    16,875
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    Melbourne
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    Couple of things:

    1) Cashbacks are capped at $1500 per year
    2) What do they mean by the opening balance (less payments and credits)?

    Its the 'less payments and credits' bit - I am not sure what the effect of this would be. If my opening balance was $6000, you could be pretty certain that I would be making payments of $6000? So, do you only get a cashback if you are paying interest, or what?
     
  3. Guest

    Guest Guest

    One would think it's based on new SPEND each month and not existing balances. Otherwise... you would be getting cash back and paying interest? :?:
     
  4. oz_mark

    oz_mark Enthusiast

    Jun 30, 2002
    16,875
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    See the page http://www.citibank.com.au/portal/citiwm_home_center.jsp?frameset=centerFrameset&productID=CreditCards&path=/augcb/english/prod/det/cards_cashback.htm&frameval1=wowWorkID&framevar1=workID


     
  5. New Chump

    New Chump Intern

    Nov 23, 2004
    91
    24
    MEL
    I think that is partly right. To qualify for the cash back in any month, you need to have an opening debit balance, then you deduct this month's repayments from the opening balance to determine the applicable cash back % (ranging from 0.5% to 4%), which is then multipled by this month's new spend.

    If you pay off the opening balance in full by the due date during the month, no cash back for you. (Why? Because zero x 4% x new spend = zero).

    If you did not pay off the opening balance in full by the due date during the month, you will qualify for the cash back but you will be paying interest on your card.

    So it seems to me that this card would not benefit a transactor who pays their card off in full each month , but (all other things (like interest rates) being equal) may suit a revolver who doesn't pay their card off in full each month.
     
  6. netaddict

    netaddict Member

    Mar 14, 2004
    164
    4
    Adelaide, Australia
    This card has $69 annual fee plus $19 per additional card issued. Noticed some small print on Citibank's web site also that no cash back is credited until it totals greater then $25.
     
  7. kiti

    kiti Newbie

    Mar 3, 2006
    4
    0
    Sydney, Australia
    New Chump, if you paid your CB CashBack card each month in full (e.g. opening bal less pmts = Zero) then you would get a minimum of 0.5% cashbk on your new purchases for that month (not zero).

    The best way to get you cashback amount up is to BT more than $6K @ 5.9%, thus you then qual for 4% cashback on any new purchases, provided you are not paying the card in full each month (e.g. your opening bal less pmts remains above $6K).
     
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